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Short covering lifted five stocks in Thursday’s session as traders bought back previously shorted shares, reducing open interest and driving prices higher amid shifting market sentiment.

Veteran Investor Manishi Raychaudhuri discusses the impact of recent tariffs on various Asian markets. He points out the surprising calmness in financial markets and highlights sectors like IT and pharma. He expects a short-term correction in Indian markets but remains optimistic about a recovery in the second half of the year due to government infrastructure spending and other economic tailwinds.

In an interview with ET Now, Memani suggested that instead of tactically shifting between equity sectors for safety, investors should consider fixed income options. "If you have $2 to invest, you re likely better off in the bond market than in the equity market," he stated.

With Trump increasing tariffs on China, sectors where India could gain market share in U.S. exports include textiles, apparel, and footwear. Additionally, India sees an opportunity to boost exports of iron and steel products, leveraging its manufacturing capabilities, particularly if China s tariffs are raised.

India s pharmaceutical sector avoids immediate impact from newly declared tariffs on over 60 countries. However, HDFC Securities estimates potential hits to EBITDA ranging from 3-45% under different scenarios. Sun Pharma, Aurobindo, and Dr. Reddy’s have significant US sales, making them more vulnerable.

India s competitive advantage is improving due to cooling dollar and oil prices, with tariffs on China benefiting India. Sectors like financials, real estate, and building materials are likely to see growth. Although consumption may be weak initially, it is expected to recover later in the year. The broader markets may improve towards the end of fiscal year 26.

Silver prices plummeted to Rs 96,917 per kg on MCX due to concerns of decreased industrial demand following US tariffs. Despite long-term supply issues, expectations of continued depreciation linger, while gold experiences minor gains amidst uncertainties.

Five stocks saw long buildup on April 3, signaling bullish sentiment as both open interest (OI) and stock prices rose. IDFC First Bank led with a 9.04% OI surge and a 5.73% price increase. GMR Airports, Angel One, Power Grid, and Bandhan Bank also gained significantly.

Jefferies assesses Trump’s 26% tariff impact on Indian sectors. IT services and pharma face minimal risk, while textiles, chemicals, and solar are among the worst hit. Autos and industrials with high U.S. exposure remain vulnerable. Weaker U.S. GDP growth poses a larger indirect threat.

Indian benchmark indices closed lower on Thursday after the U.S. imposed 26% reciprocal tariffs, though losses were tempered by a surge in pharma stocks exempted from the duties and a relatively lower tariff rate compared to other Asian peers.